So they work a full time job and go to school full time. 

I went to school at Washburn and my thoughts and numbers are pretty thin in Topeka.

But RC builds in areas with good schools and those homes rent well.

All calculations suggest great investment for 4 bed 3 bath in good school zone, however once the tax estimator goes from $2200 to $9500 due to lose of tax credit from not being a primary residence it hard to see how to get property in SC.

Most cities have areas with lower crime and better schools.

@Nathan Harden- agree about OH ....I went to school at Miami U and lived in columbus area for a few yrs  ...many friends that still live there ......I live in Seattle proper ( near  Magnusson Park ...also  own  2  properties in Mason County ......father in law lives on  close to 10 acres close to downtwon Medina so we will be dealing with  figuring out the  best thing to do with this  as he gets  older ( he is  83 now) ...stay in touch

They are nearing retirement and have children in school.

-> WInding creek- Good schools, costly good rents.     

I like option 2 to diversify the investments in 3 smaller rental propertires, 3/2 around 1500 sqft, in good school districts which will open the biggest pool of tenants. 

Believe it or not there are still a few "old-school" counties but those are few and far between and the volume is low.